事件描述 公司披露2025 年半年度报告：报告期内，公司实现营收3.23 亿元，同比增长32.50%；归母净利润0.58 亿元，同比增长1005.12%；扣非后归母净利润0.46 亿元，同比增长320.56%。2025Q2，公司实现营收 1.75 亿元，同比增长42.46%；归母净利润为0.34 亿元，同比增长718.65%；扣非后归母净利润0.26 亿 元，同比增长239.94%。业绩基本符合预期。 投资建议 毛利率和整体盈利能力大幅提升，主要受益于毛利率水平较高的产品收入占比持续提升，以及公司加强 经营管理、运营管理效率不断提高。2025H1，公司毛利率同比增加15.41pct 至65.25% ， 净利率同比增 加14.97pct 至17.03%；期间费用率同比下降9.44pct 至45.75%，其中，销售费用率13.48%（ yoy-2.24pct ）、管理费用率9.80% （ yoy-3.07pct ）、财务费用率-0.94%（yoy+1.88pct）、研发费用率23.41% （yoy-6.01pct）。 先进封装相关业务持续突破技术与市场边界，加速向规模化应用迈进。 报告期内超声波扫描显微镜、超声波 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock's performance in the near term [1][8]. Core Insights - The company's profitability has significantly improved in the first half of 2025, with a revenue increase of 32.50% year-on-year, reaching 323 million yuan, and a staggering net profit growth of 1005.12%, amounting to 58 million yuan [4][5]. - The advanced packaging business is progressing towards large-scale applications, with new products such as ultrasonic scanning microscopes and ultrasonic die bonding machines receiving formal orders [6][7]. Financial Performance - In Q2 2025, the company achieved a revenue of 175 million yuan, reflecting a year-on-year growth of 42.46% and a quarter-on-quarter increase of 18.76% [5]. - The gross margin improved by 15.41 percentage points to 65.25%, while the net margin increased by 14.97 percentage points to 17.03% in the first half of 2025 [6]. - The company expects continued strong performance in 2025-2027, with projected net profits of 130 million, 200 million, and 290 million yuan, respectively, representing year-on-year growth rates of 54.9%, 52.9%, and 42.2% [8][10]. Market Position and Growth Potential - The company is expanding its applications of ultrasonic technology across various sectors, including new energy batteries, connector harnesses, and semiconductors, which are expected to benefit from the growth of downstream industries and increased domestic production rates [7][8]. - The successful entry into the connector market with high-power ultrasonic torque welding machines has broken foreign monopolies and secured formal orders from clients [5][6].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55.65 CNY, indicating a potential upside from the current price of 49.55 CNY [5]. Core Views - The company has shown a strong performance in Q1 2025 with revenue of 148 million CNY, a year-on-year increase of 22.35%, and a net profit of 24 million CNY, reflecting a significant year-on-year growth of 2152.47% [1][2]. - The company is focusing on expanding its ultrasonic technology platform into new sectors such as automotive wiring harnesses and semiconductors, which is expected to drive revenue growth in the coming years [2]. - Short-term recovery in lithium battery utilization rates is anticipated to boost order volumes, while stable contributions from consumables will support performance [2]. Financial Performance - In Q1 2025, the company's gross margin was 64.91%, an increase of 9.30 percentage points year-on-year, and the net profit margin was 15.78%, up by 14.96 percentage points year-on-year [10]. - The company has seen a continuous improvement in contract liabilities, which stood at 37.62 million CNY at the end of Q1 2025, indicating a positive trend for sustained revenue growth [11]. - Revenue projections for 2025-2027 are estimated at 760 million CNY, 1.017 billion CNY, and 1.394 billion CNY, with corresponding year-on-year growth rates of 30%, 34%, and 37% [12]. Product and Market Development - The company is optimizing its product structure, with significant growth in automotive wiring harnesses and semiconductors, which are beginning to show volume increases [3]. - In 2024, revenue from the automotive wiring harness segment reached 81 million CNY, a year-on-year increase of 352.37%, while semiconductor revenue was 47 million CNY, up by 195.66% [8]. - The consumables segment generated 1.84 billion CNY in revenue in 2024, reflecting a growth of 70.45% year-on-year, driven by increased market demand and higher utilization rates from lithium battery customers [8].